Otonomy (NASDAQ:OTIC) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Otonomy (NASDAQ:OTIC) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $2.75 price objective on the biopharmaceutical company’s stock.

According to Zacks, “Otonomy, Inc. engages in developing and commercializing therapeutics to address unmet medical needs in the otology market. It develops therapeutics for treatment of inner and middle ear disorders. The Company’s product candidates under development includes AuriPro to treat pediatric patients with middle ear effusion; and OTO-104 for the treatment of patients with Ménière’s disease. Otonomy, Inc. is headquartered in San Diego, California. “

Separately, ValuEngine cut shares of Zosano Pharma from a buy rating to a hold rating in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. Otonomy currently has a consensus rating of Hold and an average target price of $5.92.

OTIC opened at $2.51 on Wednesday. The business has a 50 day moving average of $2.53. The company has a debt-to-equity ratio of 0.45, a quick ratio of 9.07 and a current ratio of 9.07. Otonomy has a 1 year low of $1.50 and a 1 year high of $3.95.

Otonomy (NASDAQ:OTIC) last released its earnings results on Monday, May 6th. The biopharmaceutical company reported ($0.39) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.46) by $0.07. Otonomy had a negative net margin of 8,007.55% and a negative return on equity of 60.14%. The business had revenue of $0.19 million for the quarter, compared to analysts’ expectations of $0.33 million. As a group, equities research analysts anticipate that Otonomy will post -1.86 EPS for the current year.

Hedge funds have recently made changes to their positions in the business. Spark Investment Management LLC lifted its position in Otonomy by 59.5% during the first quarter. Spark Investment Management LLC now owns 46,207 shares of the biopharmaceutical company’s stock valued at $121,000 after buying an additional 17,241 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in Otonomy during the first quarter valued at approximately $225,000. Acadian Asset Management LLC lifted its position in Otonomy by 31.6% during the first quarter. Acadian Asset Management LLC now owns 119,044 shares of the biopharmaceutical company’s stock valued at $314,000 after buying an additional 28,551 shares in the last quarter. BlackRock Inc. lifted its position in Otonomy by 4.4% during the fourth quarter. BlackRock Inc. now owns 841,216 shares of the biopharmaceutical company’s stock valued at $1,557,000 after buying an additional 35,592 shares in the last quarter. Finally, Sofinnova Investments Inc. lifted its position in Otonomy by 3.7% during the fourth quarter. Sofinnova Investments Inc. now owns 1,023,865 shares of the biopharmaceutical company’s stock valued at $1,894,000 after buying an additional 36,087 shares in the last quarter. 53.31% of the stock is currently owned by hedge funds and other institutional investors.

Otonomy Company Profile

Otonomy, Inc, a biopharmaceutical company, develops therapeutics for neurotology in the United States. The company offers OTIPRIO, a ciprofloxacin otic suspension for use during tympanostomy tube placement surgery in pediatric patients. It also develops OTIVIDEX, a sustained-exposure formulation of the steroid dexamethasone in Phase III clinical trial for the treatment of Ménière's disease; OTO-313, a sustained-exposure formulation of N-methyl-D-aspartate receptor antagonist gacyclidine, which is in Phase I/II clinical trial to treat tinnitus; and OTO-413, a proprietary formulation of brain-derived neurotrophic factor that is in Phase I/II clinical trial for the repair of cochlear synaptopathy and the treatment of speech-in-noise hearing difficulties.

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